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Appraisal Chapter 1 questions with actual answers.
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Appraisal Chapter 1 questions with actual answers.
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Appraisal Chapter 1 questions withactual answers.
APPRAISAL ANS - The act or process of developing an opinion of value
EFFECTIVE DATE ANS - The appraisal establishes terms, condition, and economic circumstances up
which the value is estimated. The value actually valid for only one day.
APPRAISAL INSTITUTE ANS - A professional organization for appraisers
UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP) ANS - Professional standards
accepted and copyrighted in 1987 by the Appraisal Foundation
APPRAISAL FOUNDATION ANS - A nonprofit organization, created by leading appraisal organizations,
which is recognized as the authority for professional appraisal standards.
It has an
- APPRAISAL STANDARDS BOARD which develops, interprets, amends, and publishes USPAP and other
publications and communication related to USPAP
-APPRAISER QUALIFICATIONS BOARD that establishes the minimum education and experience
requirements for appraisers and develops the National Uniform Appraiser Examination.
FINANCIAL INSTITUTIONS REFORM, RECOVERY, AND ENFORCEMENT ACT (FIRREA) ANS - Passed in 1989
as a comprehensive savings and loan bailout and preventive measure against future S&L insolvency,
recognizes USPAP as the current industry standard for appraisals and identifies the Appraisal Foundation
as the authority for professional appraisal standards.
Quiz
An appraisal is a (n) ANS - a. determination of value
b. guarantee of value
c. opinion of value
, d. projection of future value
ANSWER: C
Which is recognized throughout the US as the accepted standards of appraisal practice? ANS - a.
Appraisal Foundation
b. Appraisal Institute
c. FIRREA
d. USPAP
ANSWER: D
The primary purpose for the passage of FIRREA was to ANS - a. bailout the savings and loan industry
and try to prevent future insolvency
b. develop, interpret, amend and publish the Uniform Standards
c. establish the Appraisal Foundation
d. establish professional standards in real estate appraisal.
ANSWER: A
USPAP RULES ANS - -Ethics Rule
-Competency Rule
-Scope of Work Rule
-Jurisdictional Exception Rule
ETHICS RULE ANS - Includes personal obligations and responsibilities of the individual appraiser, as well
as practices that are unacceptable or could be considered misleading or fraudulent.
-Should NOT be biased by the value that a client desires or needs
Confidentiality! - client to the party of the appraiser is the only one he can share information with
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